IIC contributes to the development of infrastructure in Costa Rica

10/25/2010


Washington, D.C. - On October 26, 2010, the Inter-American Investment Corporation (IIC) approved a long-term loan of up to US$7.95 million to Coriport S.A., to develop and implement the expansion of a new passenger terminal at the Daniel Oduber International Airport in the city of Liberia, the main tourist area of the province of Guanacaste.

"With this operation the IIC, together with BICSA and other international banks, will be contributing to the development of the private sector, especially in Costa Rica’s rural areas, by promoting infrastructure sector growth and boosting tourism sector consolidation. The IIC will thus mark a historic milestone in the development of the country’s tourism, as it did more than a decade ago when it financed the first five-star hotel along Guanacaste’s coastline. The area has a diverse economic base. This operation will foster job creation, foreign exchange generation, and new business opportunities, and it will better develop and diversify existing economic activity," said Juan Fonseca, IIC Investment Officer in charge of the operation.

About Coriport S.A.

Coriport is a special-purpose Costa Rican company created to develop, under concession, the project to restore, expand, and operate the Daniel Oduber International Airport. It is the second-largest international airport in Costa Rica; it started up in 1975 and has a runway 2,750 meters long and one passenger terminal. The passenger terminal will be replaced by a state-of-the-art, two-story terminal that will handle several commercial flights simultaneously, adhering to the highest international service standards.

The project was originally awarded to Consorcio Coriport, a consortium of important Costa Rican and international investors who competed and won the project concession in 2008 through the public call for bids convened by Costa Rica’s Consejo Nacional de Concesiones. The concession was awarded for a 20-year period.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.


Contact: Juan Fonseca (in Costa Rica)

Telephone: + (506) 2523-3317

Email: juanf@iadb.org